Rapid Debt Reduction Calculator Using Amazing Rollover Method

Rapid Debt Reduction Calculator Sign

This online, free Rapid Debt Reduction Calculator will calculate how much time and money you could save by paying off your debts using the "rollover" method.

What is the rollover method? As each smaller debt is paid off, the freed-up payment amount is then applied to (rolled onto) the next larger debt, and so on until all debts are paid off.

As you will see once you've used the calculator, the rollover method can save you a ton of money in interest charges, and allow you to get out of debt sooner than you ever thought possible.

But before you use the rapid debt reduction calculator, please check out the Alert tab to make sure you are fully aware of the biggest reason most people fail to execute their rollover payoff plans successfully.

Note that if you prefer a more comprehensive rollover calculator, check out the Get Out of Debt Calculator instead.

Finally, once you finish using the rapid debt reduction calculator, be sure to jot down your freedom date and the total amount you will be applying to your debts. Then, visit the Debt to Financial Freedom Calculator to see how long it will take to become financially free using your freed-up payments.

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Rapid Debt Reduction Calculator

Calculate your debt rollover payoff plan and how much time and interest you will save if you stick to the plan.

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Enter Debts

Enter Debts:

Note that depending on the width of the calculator, you will see either a vertical entry form optimized for mobile devices (narrow widths) or a horizontal entry form optimized for desktop devices (widths wide enough to accommodate rows and columns of entry fields).

To add a debt, enter the name, balance, interest rate, and payment amount. When you're satisfied with the entries, tap the + button (may also appear as "Add" or "Add Debt" depending on the width of your device).

To edit a debt in the list, tap the radio button in the Edit column. This will load the debt into the form for editing. When you're satisfied with the changes you've made, tap the S button (may also appear as "Save" or "Save Changes" depending on the width of your device).

To delete a debt from the list, tap the radio button in the Edit column. This will load the debt into the form for deleting. Tap the button (may also appear as "Delete" depending on the width of your device).

To clear the form to create a new debt entry, tap the C button (may also appear as "Clr" or "Clear" depending on the width of your device).

To add a debt to your rapid debt reduction plan, click the Add Debt Row button. Then complete the row of entries for the debt you are adding.

To remove a debt from your rapid debt reduction plan, click the X button in the left-hand column of the row you wish to remove.

Important! The entered debts are saved in your device's random memory (temporary storage), which means that if you surf to another calculator or close this browser window you will need to re-enter your debts.

X
Creditor
Name

Creditor Name:

Enter the name of the creditor as you want it to appear on the printed reports.


Principal
Balance ($)

Principal balance:

Enter the principal balance of the debt, without any dollar sign or commas. Note that this is not equal to the number of payments left times the payment amount -- because that would include interest charges you don't yet owe. What you want to enter here is how much cash it would take to pay off the debt today (call your creditor if you're not sure).


Interest
Rate (%)

Annual interest rate:

Enter the annual interest rate of the debt. Enter as a percentage without the percent sign (for .06 or 6%, enter 6). If this debt has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It's always best to use worse-case scenarios.


Payment
Amt ($)

Monthly principal and interest payment:

Enter the monthly payment for the debt, without the dollar sign or commas. If you are including your mortgage in the rapid debt reduction plan, be sure to only enter the principal and interest portion of your mortgage payment (leave out the portion for taxes and insurance).


Interest
Cost

Interest cost:

Based on your principal, interest rate and payment amount entries, this is how much interest you will pay on this debt between now and when you make the final payment. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.


# Pmts
Left

Number of payments remaining:

Based on your principal, interest rate and payment amount entries, this column calculates the number of monthly payments remaining on the debt. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Totals: 
Creditor:Creditor name:Creditor name:Creditor name:

Creditor name:

Enter the name of the creditor as you want it to appear on the printed reports.

Payoff amt:Payoff amount:Principal balance:Principal balance (payoff amount):

Principal balance:

Enter the principal balance of the debt, without any dollar sign or commas. Note that this is not equal to the number of payments left times the payment amount -- because that would include interest charges you don't yet owe. What you want to enter here is how much cash it would take to pay off the debt today (call your creditor if you're not sure).

$
Rate:Interest rate:Annual interest rate:Annual interest rate:

Annual interest rate:

Enter the annual interest rate of the debt. Enter as a percentage without the percent sign (for .06 or 6%, enter 6). If this debt has more than one interest rate (1 for purchases and 1 for cash advances), enter the higher of the two. It's always best to use worse-case scenarios.

%
Pmt/month:Monthly pmt:Monthly P&I payment:Monthly principal and interest payment:

Monthly principal and interest payment:

Enter the monthly payment for the debt, without the dollar sign or commas. If you are including your mortgage in the rapid debt reduction plan, be sure to only enter the principal and interest portion of your mortgage payment (leave out the portion for taxes and insurance).

$
Interest:Interest cost:Interest cost:Interest cost:

Interest cost:

Based on your principal, interest rate and payment amount entries, this is how much interest you will pay on this debt between now and when you make the final payment. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Pmts left:Payments left:Number of payments left:Number of payments remaining:

Number of payments remaining:

Based on your principal, interest rate and payment amount entries, this column calculates the number of monthly payments remaining on the debt. If the field displays an ERROR, it means that at the terms you entered the debt will never be paid off. Therefore, in order to enter the debt you will need to increase the payment amount until the error goes away.

Extra amt:Extra amount:Monthly accelerator amount:Additional monthly accelerator amount:

Additional monthly accelerator amount:

Optional: Enter an amount you feel you could add to your rapid debt reduction plan on a monthly basis.

$
Results

Extra amount:

This column simply displays the extra amount you entered in the upper portion of the calculator. This extra amount will only appear in the RDR (Rapid Debt Reduction) row.


Extra
Amt
Extra
Amt
Extra
Amount
Extra
Amount

Total of all monthly payments:

This column displays the total of all of your current monthly debt payments as well as the total RDR monthly debt payments -- with the latter including the extra amount you will be adding each month.


Tot
Pmts
Tot
Pmts
Total
Payments
Total
Payments

Interest cost:

This column displays the total interest cost between now and when your final debt is paid off, for both your current payment plan and your new Rapid Debt Reduction Plan. The last row in the column lists the interest charges you will save if you switch to the RDR plan.


Int
Cost
Int
Cost
Interest
Cost
Interest
Cost

Number of payments left:

This column displays the number of payment remaining until your debts are paid off, for both the current payment plan and your new RDR plan. The last row in the column lists the number of months sooner you will be debt-free if you switch to the RDR plan.


Pmts
Left
Pmts
Left
Payments
Left
Payments
Left
CrntCrntCurrentCurrent totals:
RDRRDRRDRRDR totals:
Time and interest savings:

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

Why debt snowball/rollover plans fail.

The Biggest Reason Most Rollover Repayment Plans Fail

If you've used rapid debt reduction calculators on other websites, otherwise referred to as "Debt Snowball Calculator," "Rapid Debt Repayment Calculator," or "Get Out of Debt Calculator," you may not have been alerted to the single biggest reason why most people fail to execute their rapid debt payoff plan successfully. What is that reason? It's the total disregard of critical budget item called, "Depreciation Expense."

Everything you own that can wear out (depreciable assets), will wear out.

For example, if you own a home, nearly everything except the main structure will need to be replaced within the next 15 years (furniture, appliances, fixtures, roof covering, paint, flooring, furnace, AC, and so on).

The question is, are you setting aside the necessary funds to replace all of your depreciable belongings as they wear out? If not, and if you have no savings earmarked for "asset replacement," then I'm sorry to be the one to tell you this, but you are living beyond your means!

Living Beyond Your Means = More Debt!

If you're not funding an "asset replacement" savings account, and you're not willing to live without the depreciable assets as they wear out, then taking the time to create a rapid debt reduction plan will be a complete waste of your time.

Why?

Because if you're not faithfully setting aside funds to replace your depreciable assets as they wear out, then guess what's going to happen to your debt snowball (reduction) plan? That's right, as everything wears out and needs replacing you'll end up using credit to replace your assets, thereby increasing your debt -- not reducing it!

Downsizing is Easier and Faster

If you can't afford to set aside money to replace your belongings as they wear out, then you cannot afford your present lifestyle. And if that's the case, then the only way you're going to be able to execute a rapid debt reduction plan successfully is to either increase your income, or downsize your lifestyle, or a combination of both. But since you don't need a four-year degree to downsize your lifestyle, and you don't pay income taxes on downsizing, it's usually much easier and faster to become debt free by downsizing your lifestyle versus increasing your income.

Why You Should Consider Paying Off Lowest Balances First.

One question users of this calculator often ask me is why I suggest paying off your debts from smallest balance to largest balance instead of from highest interest rate to lowest interest rate.

Yes, choosing to pay off higher interest debt first will save you more money in the long run -- that is, if you manage to stick with your plan.

The reason I suggest starting with the lowest balance debts is that you will achieve your first successful "payoff" earlier in the plan. And the earlier you start achieving some success, the more likely you will stick with the plan.

Conversely, if your first debt won't be paid off for 2-3 years, there's a good chance you will become disappointed and abandon your plan. The defense rests.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.